Five patterns.
One requirement.

"What are we actually buying?"

Performance is visible. What is producing it is not. Before conviction forms — before a price is agreed, before diligence begins — the question is whether what is believed about the business is accurate.

"What is this growth assumption actually resting on?"

A growth case is a set of assumptions. Some are structural. Some are contingent. Some are already eroding. The question is which category each assumption belongs to — before capital is committed to it.

"What is the lender relying upon?"

A lender forms a view of the business from the information presented. The question is whether that view is accurate — and whether the performance being relied upon is structural or circumstantial.

"What assumptions are still being trusted?"

Portfolio businesses are monitored against the assumptions made at entry. When performance diverges, the question is whether the original assumptions were wrong, or whether something has changed since.

"What is the buyer actually paying for?"

A buyer will form their own view of the business. The question is whether that view will match the seller's — and whether the performance being presented will survive scrutiny.